UPM signed an agreement on the sale of its hydro power facilities in Steyrermühl, Austria to Energie AG, an energy infrastructure company, located in Upper Austria. The parties have agreed not to disclose the purchase price.
According to the announcement, the sale and purchase agreement is still subject to third party approvals.
Rainer Häring, Director Energy, Western Europe, UPM Paper ENA, commented:
“With their broad experience and best available technology in hydro power generation the Austrian wide well-known EAG could better develop and optimize the hydro power facilities at the river Traun further, where the company already operates other hydro power assets.”
Earlier UPM Raflatac appointed Sean Heng as a new Vice President.
The company is largely focused on fibre- and biomass-based businesses, recyclable raw materials and products. UPM integrates bio and forest industries and operates across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper ENA (Europe and North America) and UPM Plywood.